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China to Invest US$18 Billion for Construction Undertakings in Siberia

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Published on : Sep 01, 2015

Chinese companies are set to invest above US$18 billion for a few construction projects in Siberia and Far East, as stated by the Russian President Vladimir Putin in an interview with Xinhua news agency and TASS.

The Chinese partners for construction undertakings in Siberia are ready to invest more than US$18 billion for a clinker plant and oil refinery in Amur region, Blagoveshchensk-Heihe Bridge and Nizhneleninskoye-Tongjiang Bridge, and also a brick factory and metallurgical plant in Yakutia, as stated by Putin.

The President further stated that Russia has made significant steps to give due consideration to the grand scale undertaking. The country is actively working to implement a program for socioeconomic development in the Baikal and Far East region. This includes a dozen of key investment projects, which includes construction of the Power of Siberia pipeline f-r gas, Vostochny space center, gas chemical and gas refining projects that have been planned by Sibur and Gazprom, expansion and modernization of the Trans-Siberian and Baikal Amur mainlines, and the shipyard of Zvezda. 

On top of this, Russia is also interested to attract foreign including Chinese investors for participation for implementation of these projects. 

The President further commented that in in Russia, in Priority Development Areas according to the Federal Law, a new instrument has been constructed both for the development of the country and also for Far Eastern regions.

Special economic zones along with priority development areas should be the focus for economic transformation in Far East, the cluster that attracts investment and technology, the President further stated.

Further, vital tax incentives and simple business procedures have helped to create favorable conditions on these territories for business and investment, irrespective of the source country of capital.

Because of the construction undertakings, domestic companies will enjoy zero profit tax, land and property tax for the first five years, zero export and import customs duty.